Red Bull Founder Dietrich Mateschitz Dies At 78

Red Bull founder Dietrich Mateschitz, who made the energy drink a global phenomenon and forged a title-winning Formula One team and a sports empire, died on Saturday aged 78, the company said, Agence France-Presse (AFP) reported.

Photo Insert: Mateschitz lived to see Verstappen clinch his second title by winning the Japanese Grand Prix two weeks ago.

Red Bull expressed both its "sadness" at the Austrian billionaire's death and "gratitude for what he accomplished."

Mateschitz, a reclusive man who rarely gave interviews, took a sweet drink that was already popular in Asia and adapted it for the Western market with huge success.

He was named as Austria's richest person by Forbes in 2022 with an estimated net worth of $27.4 billion. Mateschitz invested heavily in sport to give his brand global exposure.

Besides its involvement in Formula One -- the team's Dutch driver Max Verstappen is the world champion for the second consecutive year -- Red Bull bought the football club of the Austrian city of Salzburg in 2005, then Leipzig in Germany.

Both clubs have enjoyed trophy-winning success thanks to the brand's substantial investment. Red Bull has also branched out into extreme sports, sponsoring events such as air acrobatics and cliff diving.

The head of the Red Bull Formula One team, Christian Horner, said "thankfully" Mateschitz lived to see Verstappen clinch his second title by winning the Japanese Grand Prix two weeks ago. Horner described Mateschitz as the "backbone of all we do."

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